Matthew Limb, Matthew Limb estate agents, Hull

2023, that was the year that was. From a seller refusing to move out after completion, to a viewer getting locked in a toilet and us having to break the door down, an agent’s life is never a dull one.

Overall, 2023’s property market proved more resilient than many predicted with properties achieving better prices than anticipated by market commentators.

The mortgage interest rate shock became entrenched through 2023, thus pricing many would-be home movers or cashstrapped buyers out of the market. This resulted in a slowdown across the region and transactions were around 15 per cent fewer than in the last more usual market of 2019.

This change in market conditions has seen an approximate five per cent reduction in property values throughout 2023 in our area, East Yorkshire. In context, this is only a small reduction in the value growth we have experienced since the pandemic.

There are indications that we have seen a peak in interest rates giving a boost to buyer confidence and the market going into 2024.

Notably a higher percentage of sales through 2023 were to cash or equity rich buyers. This looks likely to remain a theme throughout 2024 together with those looking to unlock the significant equity they have built up in their present home.

Although perhaps a chilly start to the market, it should warm up throughout 2024. My overall view is that across our area, house prices will remain stable for a while. This is partly due to our area’s affordability compared to other parts of the country and a relatively low level of supply.

Many analysts predict that prices will remain stable or fall slightly throughout the year but begin to rise from the end of 2024 and so, as the saying goes, an early bird may indeed catch the worm.

Whether this outlook will become a reality in 2024 will depend on wider factors including longer term mortgage rates, availability of supply and a UK general election to name but a few.